# japan foundation engineering co.,ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第73期(2025/04/01－2026/03/31) (S100YGM2)
> Page: https://vizora.meequs.com/en/company/japan-foundation-engineering
> Retrieved: 2026-09-30T19:07:41.937Z

## Company

japan foundation engineering is a company in General Contractors listed on TSE Standard. It has 391 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JAPAN FOUNDATION ENGINEERING CO.,LTD. |
| Ticker | 1914 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1914.T) |
| Listing | TSE Standard |
| Head office | 大阪市北区天満一丁目9番14号 |
| Representative (per filing) | 取締役社長 中原 巖 |
| Share capital | ¥5.91B |
| Employees (consolidated) | 391 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.jafec.co.jp (https://www.jafec.co.jp/) |
| Corporate number | 9120001072753 |
| EDINET | E00204 |
| Industries (Vizora) | General Contractors |

> Profile source: annual securities report (S100YGM2, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 42.3 | 84 |
| Profitability | 34.2 | 92 |
| Cash conversion | 23.6 | 91 |
| Efficiency | 26.6 | 92 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- japan foundation engineering brought in ¥27.4B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -9.7% from the prior year, operating profit -23.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥27353745000 → ¥1659537000
- Net income → operating cash flow: ¥1659537000 → ¥102989000（difference ¥-1556548000）
- Main uses of operating cash flow: CapEx ¥1455379000 / dividends ¥459855000 / buybacks ¥663874000
- Change in cash: ¥1199045000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥27.4B |  |
| Operating income | ¥1.46B | Margin 5.3% |
| Net income | ¥1.66B | Margin 6.1% |
| Free cash flow | -¥1.35B |  |
| Employees (consolidated) | 391 |  |
| EPS | ¥70.95 |  |
| Book value per share | ¥1321.29 |  |
| Equity ratio | 64.1% |  |
| Shares outstanding | 29,346,000 |  |
| Treasury shares | 11,054,700 |  |
| Shareholders | 5,823 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 13.6% | Cash ÷ revenue 19.2% |
| Vs. industry median margin | -1.5 pp | General Contractors |
| ROE | 7.7% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.4× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22854574000 | ¥27353745000 | +19.7% |
| Operating income | ¥568992000 | ¥1455798000 | +155.9% |
| Operating margin | 2.5% | 5.3% | +2.8 pp |
| Employees | 410 people | 391 people | -4.6% |
| Cash and equivalents | ¥4982736000 | ¥5239631000 | +5.2% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 27,354 | 100.0% | S100YGM2 |
| Cost of revenue | 22,714 | 83.0% | S100YGM2 |
| Gross profit | 4,640 | 17.0% | S100YGM2 |
| SG&A | 3,184 | 11.6% | S100YGM2 |
| Operating income | 1,456 | 5.3% | S100YGM2 |
| Ordinary income | 2,094 | 7.7% | S100YGM2 |
| Pretax income | 2,241 | 8.2% | S100YGM2 |
| Income tax | 582 | 2.1% | S100YGM2 |
| Net income | 1,660 | 6.1% | S100YGM2 |
| Net income attributable to owners | 1,660 | 6.1% | S100YGM2 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 12 |
| Operating income | 5 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 17.0% → Operating margin 5.3% → Net margin 6.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -9.7%; Core profit growth: -23.0%
Operating leverage (core profit growth ÷ revenue growth): 2.38×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 30,280 | 27,354 | -2,926 | -9.7% |
| Gross profit | 5,046 | 4,640 | -406 | -8.0% |
| Operating income | 1,891 | 1,456 | -436 | -23.0% |
| Net income attributable to owners | 1,440 | 1,660 | 220 | +15.3% |
| Operating cash flow | 450 | 103 | -347 | -77.1% |
| Free cash flow | -1,712 | -1,352 | 359 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 24,124 | 1,032 | 4.3% | 507 | 484 | -218 | S100LVJ2 |
| FY ending Mar 2021 | 22,855 | 569 | 2.5% | 213 | 1,365 | 205 | S100OM6M |
| FY ending Mar 2022 | 22,111 | 751 | 3.4% | 498 | 1,187 | 4 | S100RAYB |
| FY ending Mar 2023 | 23,909 | 779 | 3.3% | 527 | 970 | -173 | S100TY29 |
| FY ending Mar 2024 | 23,575 | 1,012 | 4.3% | 933 | 1,651 | 484 | S100W9NY |
| FY ending Mar 2025 | 30,280 | 1,891 | 6.2% | 1,440 | 450 | -1,712 | S100YGM2 |
| FY ending Mar 2026 | 27,354 | 1,456 | 5.3% | 1,660 | 103 | -1,352 | S100YGM2 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥70M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥4.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 418 | 399 | 395 | 379 | 391 |
| Average salary (parent company) | ¥7M | ¥6.8M | ¥7.1M | ¥7.9M | ¥8M |
| Average age (parent company) | 44.1 years | 43.9 years | 44.1 years | 44.0 years | 43.7 years |
| Average tenure (parent company) | 19.0 years | 18.9 years | 19.2 years | 19.0 years | 18.4 years |

Year over year: Employees (consolidated) +3.2% · Revenue (consolidated) -9.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 103 | 0.4% | S100YGM2 |
| Capital expenditure | 1,455 | 5.3% | S100YGM2 |
| Free cash flow | -1,352 | -4.9% | 算出 |
| Investing cash flow | -783 | -2.9% | S100YGM2 |
| Financing cash flow | 1,814 | 6.6% | S100YGM2 |
| Dividends paid | 460 | 1.7% | S100YGM2 |
| Share buyback | 664 | 2.4% | S100YGM2 |
| Change in cash | 1,199 | 4.4% | S100YGM2 |
| Cash and equivalents | 5,240 | 19.2% | S100YGM2 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,947 | 5,752 | 5,632 | 4,041 | 5,240 | S100TY29, S100W9NY, S100YGM2 |
| Total assets | 30,091 | 30,236 | 32,839 | 31,780 | 38,549 | S100RAYB, S100TY29, S100W9NY, S100YGM2 |
| Net assets | 21,110 | 20,627 | 21,941 | 22,953 | 24,719 | S100TY29, S100W9NY, S100YGM2 |
| Share capital | 5,908 | 5,908 | 5,908 | 5,908 | 5,908 | S100RAYB, S100TY29, S100W9NY, S100YGM2 |
| Property, plant and equipment | 11,389 | 11,328 | 11,564 | 12,529 | 12,725 | S100RAYB, S100TY29, S100W9NY, S100YGM2 |
| Intangible assets excluding goodwill | 259 | 329 | 298 | 266 | 198 | S100RAYB, S100TY29, S100W9NY, S100YGM2 |
| Investment securities | 4,155 | 4,411 | 5,315 | 5,453 | 7,341 | S100RAYB, S100TY29, S100W9NY, S100YGM2 |
| Current assets | 13,814 | 13,729 | 14,686 | 12,561 | 17,167 | S100RAYB, S100TY29, S100W9NY, S100YGM2 |
| Current liabilities | 8,146 | 8,675 | 9,937 | 4,522 | 9,195 | S100RAYB, S100TY29, S100W9NY, S100YGM2 |
| Short-term borrowings | 2,500 | 3,100 | 3,100 | — | 2,900 | S100RAYB, S100TY29, S100W9NY, S100YGM2 |
| Long-term borrowings | — | — | — | 3,350 | 3,122 | S100YGM2 |
| Total liabilities | 8,981 | 9,609 | 10,899 | 8,826 | 13,830 | S100RAYB, S100TY29, S100W9NY, S100YGM2 |
| Equity attributable to owners of parent | 20,404 | 19,833 | 20,520 | 21,155 | 21,676 | S100RAYB, S100TY29, S100W9NY, S100YGM2 |
| Retained earnings | 13,316 | 12,861 | 13,534 | 14,653 | 15,826 | S100RAYB, S100TY29, S100W9NY, S100YGM2 |
| Treasury stock | -4,335 | -4,448 | -4,435 | -4,923 | -5,576 | S100RAYB, S100TY29, S100W9NY, S100YGM2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YGM2 |
| Property, plant and equipment | 33% | S100YGM2 |
| Intangibles and goodwill | 0% | S100YGM2 |
| Investment securities | 19% | S100YGM2 |
| Other assets | 34% | S100YGM2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100YGM2 |
| Equity | 64% | S100YGM2 |
| Other liabilities | 0% | S100YGM2 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 30,091 | 30,236 | 32,839 | 31,780 | 38,549 |
| Equity | 21,110 | 20,627 | 21,941 | 22,953 | 24,719 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,947 | 5,752 | 5,632 | 4,041 | 5,240 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 46.5% | S100YGM2 |
| Fixed assets ÷ total assets | 33.0% | S100YGM2 |
| Goodwill ÷ parent equity | — | —, S100YGM2 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 13.6% |
| Cash ÷ revenue | 19.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 7.1% |
| Cash vs. profit gap | -1,557 JPY mn (of net income -93.8%) |
| Shareholder returns / net income | 67.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 27.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.3% |
| Investing CF relative to operating CF | 760.4% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.3% | 0.73× | 1.7% | 1.47× | 2.4% | S100RAYB |
| 2023 | 2.2% | 0.79× | 1.7% | 1.50× | 2.6% | S100TY29 |
| 2024 | 4.0% | 0.75× | 3.0% | 1.56× | 4.6% | S100W9NY |
| 2025 | 4.8% | 0.94× | 4.5% | 1.55× | 6.9% | S100YGM2 |
| 2026 | 6.1% | 0.78× | 4.7% | 1.64× | 7.7% | S100YGM2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本基礎技術取引先持株会 | Major shareholder | 14.7% | 2026-03-31 |
| 日本国土開発株式会社 | Major shareholder | 5.6% | 2026-03-31 |
| 日本基礎技術従業員持株会 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社北陸銀行 | Major shareholder | 4.1% | 2026-03-31 |
| 東陽商事株式会社 | Major shareholder | 3.7% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.8% | 2026-03-31 |
| 前川 貞夫 | Major shareholder | 2.1% | 2026-03-31 |
| 丸全昭和運輸株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第73期(2025/04/01－2026/03/31) | S100YGM2 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGM2,, |
| 有価証券報告書－第72期(2024/04/01－2025/03/31) | S100W9NY | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9NY,, |
| 有価証券報告書－第71期(2023/04/01－2024/03/31) | S100TY29 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TY29,, |
| 有価証券報告書－第70期(2022/04/01－2023/03/31) | S100RAYB | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAYB,, |
| 有価証券報告書－第69期(令和3年4月1日－令和4年3月31日) | S100OM6M | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OM6M,, |
| 有価証券報告書－第68期(令和2年4月1日－令和3年3月31日) | S100LVJ2 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVJ2,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).